Finance Minister Sitharaman announced a surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore and for those above Rs 5 crore which will hike their effective tax rate by 3 percent and 7 percent respectively.

US President Donald Trump had earlier threatened to impose a 5-per cent tariff on all imported Mexican goods to pressure the country to stop the flow of undocumented migrants crossing the border, drawing extensive criticism both at home and abroad.